The discount on Grayscale Bitcoin Trust (GBTC) has reached its lowest point this year, currently standing at 16.58% as of Oct. 12, per data from Coinglass.
This narrowing discount is closely linked to the impending deadline for the U.S. Securities and Exchange Commission (SEC) to file an appeal against its previous loss to the asset management firm. In August, a U.S. court ordered the financial regulator to review Grayscale’s application to convert its BTC trust into a spot exchange-traded fund (ETF).
GBTC, the largest BTC investment vehicle, has experienced a notable upswing in its prospects following BlackRock’s application for a spot-based Bitcoin ETF to the SEC in June. The discount narrowed to under 20% for the first time in two years after the Court’s landmark ruling in favor of Grayscale.
GBTC Discount. (Source: Coinglass)
Will the SEC appeal Grayscale’s victory?
With the deadline for an SEC’s appeal approaching, market observers speculate that the regulatory body will
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